Jobs Report Promising
June 23rd, 2010 | 
Author: As a blogger for Insurance School Florida, I see that Florida is in the insurance news a lot recently . In Northern Florida , a man was arrested for insurance fraud for setting fire to his Yacht named “Shameless.” This guy tells it like it is . I wonder what’s his wife’s name? ”Trophy”? I suppose that he named his first child , “Tax Deduction”?
This story comes at the same time a report shows that Florida is the number 1 state for vehicular staged accident fraud . This is where multiple cars working in tandem force an innocent to hit them. All of those in the car will claim $20,000 worth of injuries and a single accident can net the criminals $80,000 . It appears that these crooks are great actors to pull this off day after day . I’m surprised that Florida has better actors than California, because they are only number 3 on the report .
Some really good news this week is that insurance companies are hiring or planning to hire this year . A poll revealed that 74 percent of top insurance carriers plan to hire this year . This comes after the April Job Report which showed that over 200,000 jobs were added last month. That’s the largest number in 4 years. The report also showed that Economic Confidence is much higher and folks who have been out of work for a long time and had stopped looking for work are now actively looking for work again .
Florida has long been a high-risk property insurance market because of Hurricanes . The industry was hit hard in 2005 , and it has since raised its premiums . But the Industry claims that it is losing money every year on these policies even with the absence of a single Florida hurricane . How do you lose $700 million dollars when there are no claims to payout ? Imagine a casino never losing a hand but saying they lost money . I’m sure there are loads of complexities here, but it just doesn’t jibe with common sense .
It just shows that Insurance and the State of Florida like to mix it up . .
Rick Sabian
Posted in Auto Insurance
